Multi-Basin Regional Water Council getting organized
Posted on Saturday, May 17, 2008
URL: http://www.nwanews.com/bcdr/News/61889/
BENTONVILLE — Working together toward common, water-related goals, members of the Multi-Basin Regional Water Council continued organizing Friday.
The group, which began organizing in 2007, met at the Bentonville Public Library. The group voted to seek taxexempt 501 (c )(3 ) status, under Internal Revenue Service regulations.
To be tax-exempt under section 501 (c )(3 ) of the Internal Revenue Code, an organization must be organized and operated exclusively for exempt purposes as set forth in section 501 (c )(3 ), and none of its earnings may inure to any private shareholder or individual, according to the IRS Web site, http: // www. irs. gov / charities / charitable / article / 0,, id = 96099, 00. html.
Also, the organization may not attempt to influence legislation as a substantial part of its activities and may not participate in any campaign activity for or against political candidates, the Web site states.
Organizations described in section 501 (c )(3 ) are commonly referred to as charitable organizations, according to the Web site.
Organizations described in section 501 (c )(3 ), other than testing for public safety organizations, are eligible to receive tax-deductible contributions in accordance with Code section 170, the IRS Web site states.